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# NYDFS and state regulators order Sigue to exit money transmission over unpaid transfers
- URL: https://www.theglobalbanker.com/nydfs-and-state-regulators-order-sigue-to-exit-money-transmission-over-unpaid-transfers/
- Published: 2025-03-20T17:03:00.000Z
- Updated: 2026-11-07T22:31:13.000Z
- Description: A multistate settlement published by New York's DFS requires Sigue Corporation to permanently stop money transmission and surrender its licences after it failed to pay out outstanding transfers.
- Author: TGB Editorial Team
- Tags: Regulations, Americas, #archive

The New York State Department of Financial Services (NYDFS) on 20 March 2025 published a multistate Settlement Agreement and Consent Order with Sigue Corporation, a money transmitter headquartered in Sylmar, California, under which the company must permanently cease and desist from all money transmission activity.

The order was entered by the money transmission regulators of New York and more than 30 other states and the District of Columbia, acting in a coordinated manner as members of the Conference of State Bank Supervisors (CSBS) and the Money Transmitter Regulators Association (MTRA). It supersedes an Interim Consent Order agreed with the same states on 22 March 2024, which had cited Sigue's deteriorating financial condition, its cessation of operations, its inability to satisfy all of its outstanding transmission liabilities and its failure to maintain adequate net worth.

#### UNPAID TRANSFERS AND CAPITAL SHORTFALLS

A multistate investigation launched alongside the interim order determined that Sigue had failed to satisfy certain outstanding transmission liabilities as they became due and payable. It also found that, in jurisdictions where the requirements apply, the company had failed to maintain adequate net worth or tangible net worth and had not held permissible investments sufficient to cover its outstanding transmission liabilities. Sigue and its majority owner and chief executive, Guillermo de la Vina, neither admitted nor denied any wrongdoing.

#### LICENCES SURRENDERED

Under the order, pending requests to surrender Sigue's money transmission licences are processed and its status is recorded as terminated and ordered to surrender on the Nationwide Multistate Licensing System. De la Vina may not act as a director, manager, owner, control person or qualified individual of any licensed money transmitter until a state regulator determines that he meets the required standards of financial responsibility, competence and fitness.

Sigue must provide information that affected customers still owed funds, or state regulators, need to file claims against its surety bonds, and must keep its website online for at least two years directing consumers to file complaints about unpaid transactions with state regulators. The order sets an administrative penalty of USD 1 million, which is stayed for two years and will be waived if Sigue complies with the bond-claim and public-notice requirements.